DIMAND secures the development of PPC’s new headquarters on Mesogeion Av.

Powerhub Properties S.A., with a share capital of €14 million and jointly owned by DIMAND and PPC S.A. (Public Power Corporation), each holding a 50% stake, will undertake the implementation of the investment project for the development and operation of a modern office complex at the former Lieutenant Colonel Michail Plessas Military Camp, located at 211 Mesogeion Avenue, on land owned by the National Defence Fund (TEΘA).

According to its Articles of Association, the joint venture is authorized, among other activities, to enter into all types of agreements, including but not limited to substitution agreements, lease and sublease agreements, design and construction contracts, credit and loan agreements (either granted by or to the Company), management agreements, development agreements, and generally to engage in any legal transaction that directly or indirectly serves its corporate purpose.

It is recalled that, in February 2020, PPC secured a 50-year lease (with an option to extend for an additional ten years) for the former military camp site at 211 Mesogeion Avenue, owned by the National Defence Fund (TEΘA), after submitting the highest bid in the relevant tender process. PPC intends to develop its new headquarters on the 18,643 sq.m. site, with a total built area of 30,423.99 sq.m.

The listed company submitted the most competitive offer among four bidders. The tender had established a minimum annual rental fee of €1.6 million, together with a five-year rent adjustment mechanism linked at 100% to changes in the Consumer Price Index (CPI), applied to the prevailing monthly rent.

Under the terms of the tender, PPC was granted preferential rental conditions during the first five years of the lease. These included exemption from rent payments during the first year and payment of only 50% of the contractual rent during the following four years. These concessions were intended to offset the costs associated with relocating the company’s units and services, as well as the investment expenditure required for the project.

The project has been designed by the architectural firm Bobotis + Bobotis Architects.

According to the project plans, the new office complex, which is targeting LEED Platinum and WELL Platinum certifications, will include executive offices, open-plan workspaces, an auditorium/media room, meeting rooms, archive facilities, a medical center, cafeterias, postal services, and retail spaces. The development will also feature underground levels accommodating support functions, parking facilities, and other ancillary uses.